Ichimoku cloud indicator analysis on Gold for March 7th, 2023.
March 7, 2023 2:23 pm
Gold price is trading around $1,840. Price is above the Kumo (cloud) thus in bullish trend in the 4hour chart. Price has broken below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). These two indicators provided support, but are now resistance levels. Price has provided this sign of weakness making it vulnerable to a pull back towards cloud support at $1,825. We talked in previous post about the scenario of a back test and a pull back towards cloud support. The Chikou span (black line indicator) is above the candlestick pattern but still inside the Kumo. Breaking above the cloud in the 4 hour chart was our first bullish signal after some time. Bulls now need to build on this and start making higher highs and higher lows. In order to defend the bullish short-term trend, price must remain above the cloud. As long as price is above the Kumo, we expect Gold price to form a higher low and then reverse again to the upside.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,840. Price is above the Kumo (cloud) thus in bullish trend in the 4hour chart. Price has broken below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). These two indicators provided support, but are now resistance levels. Price has provided this sign of weakness making it vulnerable to a pull back towards cloud support at $1,825. We talked in previous post about the scenario of a back test and a pull back towards cloud support. The Chikou span (black line indicator) is above the candlestick pattern but still inside the Kumo. Breaking above the cloud in the 4 hour chart was our first bullish signal after some time. Bulls now need to build on this and start making higher highs and higher lows. In order to defend the bullish short-term trend, price must remain above the cloud. As long as price is above the Kumo, we expect Gold price to form a higher low and then reverse again to the upside.
The material has been provided by InstaForex Company – www.instaforex.com
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